Lexington Corporate Properties Trust, New York, has priced an offering of $79 million of cumulative redeemable preferred stock at $25 per share.The securities will pay a yearly dividend of $8.05, the real estate investment trust said. Lexington plans to use the proceeds to repay $78.1 million of mortgage debt bearing interest of 8.05% and will pay a prepayment penalty of $6.5 million on the same. The REIT, which has interests in office, industrial, and retail properties, plans to get the preferred stock listed on the New York Stock Exchange under the symbol "LXP prB." Bear Stearns and A.G. Edwards & Sons are the lead managers of the offering, which is expected to close June 19.
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